China Crises

Financial crises happen time and again in post-industrial economies—and they are extraordinarily damaging. Building on insights gleaned from many years of work in the banking industry and drawing on a vast trove of data, Richard Vague argues that such crises follow a pattern that makes them both predictable and avoidable.

China—the world's oldest continuous civilization—has undergone an astonishing transformation in a brief span of recent history. Since the collapse of its once-glorious empire in 1911, China has seen decades of epic turmoil and upheavals, emerging in the new century as both an authoritarian megastate and an economic powerhouse, poised to become an imposing global force.